How to give advice without giving ‘Advice’

[Grumpsimus]

Financial advice clearly covers far more than just investing, it is really how you we deal with money matters in general. Personally, I still meet people who have very little idea about managing money and make no effort to find out. A few months ago I meet someone who seemed unaware that income from an ISA was tax free.

However, the most important point when giving any advice is to know your limitations and don't give advice on topics you don't know about. Far better to say you don't know, than try to bluff your way through. If I am asked which way the stock market is going, I always respond that I haven't got a clue, because I haven't.

[Gerry557]

I am intrigued. How does anyone identify a relatively experienced investor to ask for advice? Do you people that are asked for advice wear a badge or something\? I never speak about investments or investing to anyone except occasionally to my nearest and dearest and thus am never troubled by that sort of thing.

Dod

I think it comes out when you start to correct misconceptions or talk about a subject. Things like "fat cat investors getting billions from shell" whilst semi true out of context, if you ask them how much they are willing to invest and then calculate their dividends things change or Asking if it's really so easy why don't they recommend everyone do it.

People at work also talk and might recommend you or say you "know a bit" about it and then word of mouth spreads especially if you are seen as doing OK whilst earning the same money.

[UncleEbenezer]

in the military it was frowned on to be in financial difficulty. I think it was partly a security issue as you might be black mailed.

Isn't that why they've avoided accepting sexual deviance from the norms of the day? So for example no homosexuals until their acceptance had become sufficiently close to universal that blackmail was unlikely to be an issue.

[Gerry557]

Some would argue that the homosexuality issue went on much longer than necessary the same with females being in combat roles. High level vetting was supposed to identify potential issues that might be for various reasons. There are now serving trans personnel so times do change.

There are various views on these issues. Some think it still wrong just look at the comments on the Seaman locked up for two years for his treatment of his female colleagues. "Wouldn't have happened on a single sex boat!"

Still a normally married person could be blackmailed over a fling and there was honeypot traps.

[stevensfo]

I am intrigued. How does anyone identify a relatively experienced investor to ask for advice? Do you people that are asked for advice wear a badge or something\? I never speak about investments or investing to anyone except occasionally to my nearest and dearest and thus am never troubled by that sort of thing.

Dod

Sorry, but I'm confused. You never received your TLF badge??

I wear mine just below my TMF badge.

Just next to my Scout Starting a fire with two sticks badge. The one that made our neighbour let me try to fix her old gas boiler last week.

Lovely lady, RIP.

Steve

[brightncheerful]

The recent case Carol Miller v irwin Mitchell LLP 2024 makes interesting reading. Mrs Miller contacted irwin Mitchell's helpline for free advice regarding a claim for compensation. The lawyer didn't tell her a claim would be time barred so by the time she instructed IM the company had gone broke. she sued IM for negiglence but lost. https://www.newlawjournal.co.uk/content/legal-helpline-advice-duty-clarified

Personally I think IM got off. Long ago, i acted for a tenant of a Chinese take-away for his rent reviews. The lease required the tenant to give a counter-notice to the landlord's proposal for the rent failing which the proposal would be binding. Although I'd dealt with two reviews for him, for some reason the tenant contacted another surveyor for the next review. Whilst the surveyor waited for the tenant to confirm agreement to the surveyor's fees, the surveyor read the lease and discovering the need for the counter-notice and with only a couple of days to spare even though the tenant hadn't instructed him the surveyor served the couner-notice. In the event, the tenant didn't instruct him but instructed me again. When i told the client he'd been very fortunate I don''t think he really understood just how lucky he'd been.